The guidelines also explicitly state that the following economic activities do not qualify as money transmission and are not subject to TOMA regulation and licensure:
> The transfer of digital currency, including the exchange of one digital currency for another > The direct purchase or sale of digital currency for money between two parties; this includes exchanges through Bitcoin ATMs > The payment of digital currency for goods or services > Third-party digital currency payment processing > Digital currency mining
"Decentralized digital currency can also be considered a new asset class that is neither currency nor commodity."
This is big news but people are too busy shilling memecoins to notice. Illinois is such a communist shithole its about time they got something right.
Cameron Sullivan
So I can sell Bitcoin in Illinois without a money transmitter license now?
Camden Young
>No one replies to a thread with actual useful information Veeky Forums is truly dead.
As for the news, as I said today in another thread, the world is getting all in crypto, soon burger land will also follow. Just a matter of time
Oliver Wood
so how long do i have to live there to quality for their tax haven status?
t. cuckafornia resident
Jeremiah Gomez
I live in IL. What does this mean for me?
Nathan Parker
that's great, but what the individual states do doesn't mean much if the federal government decides to impose burdensome regulation. Even today, transfer of digital currency including purchases exchanging one for another is considered a sale by the IRS and is taxable.
Nolan Stewart
No shit. It's about time
t. Illinoisfag
Grayson Morris
>tfw already don't pay taxes on crypto I hope this convinces more normies to throw their money into crypto. But other than that, I don't really care.
It might legitimize this though so it's less and less of a bubble. That'd be nice too.
Daniel Wilson
It's still a good step in the right direction and Congress will look at individual state mandates to make decisions at the fed level.
For example, look at co and wa state. They're testbeds for pot deregulation. Other states will follow v soon
Justin Reyes
well except congress is already considering burdensome regulations on crypto today in the name of fighting """"""terrorism""""""
Jonathan Sullivan
This.
Jonathan Smith
Feinstein is possibly actually mentally deficient
Go look up her campaign against firearms; she's a permanent go-nowhere legislator
Henry Adams
why would you want to move to a state with sky-high taxes and which is facing imminent bankruptcy?
Hunter Gonzalez
BUT WHAT DOES IT MEAN
Matthew Sanders
I am a GA student but study and work in IL. What would this mean for me?
Elijah Scott
Right? I was about to think this thread was going to get removed because it had no bumps
If you read the tidbits, or the link in general it would seem trading Cryptocurrency and selling Cryptocurrency in IL at this time is not considered real money, therefore we shouldn't be penalized for such actions.
topkek.jpeg
William Bailey
So do taxes still apply?
Ryan Cooper
>all this outlawing of "digital currencies"
What's this going to mean for MMORPGs?
Lucas Thompson
In this case, they are merely ruling it out as a new asset class that isn't money in itself. Might turn out to be a good thing, and so far they are only seeking to regulate third parties (exchanges and non-paper wallets i.e anything that's not your private key).
Cooper Hall
I mean, in general. Since items in MMORPGs clearly have a monetary value, and half of the MMO companies are straight up selling in-game cash for real life money, wouldn't that classify virtual gold as a "digital currency" no different from cryptocurrency?
Nicholas Peterson
Actually, according to how the Illinois Department of Financial and Professional Regulation expressed their definition of a "digital currency" in this TOMA, and how it relates to the issued guidance for money transmission, currencies in MMORPGs are NOT the focus of this TOMA.
> What is a Digital Currency: - Electronic Medium of exchange used to purchase goods and services. - Two types of digital currencies: Centralized and Decentralized. -- Centralized digital currencies are created and issued by a specific source, they rely on a person or entity with authority or control over the currency. -- Decentralized digital currencies are not created or issued by a particular person or entity, have no admin, and no central repository. While they are not classified as legal tender, they are convertible, meaning they have equivalent value in money and can be exchanged to/for money.
> TOMA is applied to this specific set of Digital Currencies: (A) digital representation of value that: -- is used as a medium of exchange, unit of account, or store of value; and -- is not a legal tender, whether denominated in legal tender; and (B) does not include: -- software or a protocol governing transfer of the digital representation of value; -- a transaction in which a merchant grants value as part of an affinity or rewards program, which value cannot be taken from or exchanged with the merchant for cash or bank credit; or -- a digital representation of value used exclusively within an online game or platform†
† Uniform Law Commission, Draft Regulation of Virtual Currency Business Act, April 14, 2017
Alexander Martinez
>a digital representation of value used exclusively within an online game or platform† >platform
Well then, since the shift is away from "coins" and towards "tokens", then I guess almost all the new shitcoins would be exempt anyways. Even if people exchange them for cash outside of the platform, that's no different than people selling online game currency for money outside of the game.
Brandon Robinson
EXTREMELY RELEVANT Illinois is going bankrupt. Now it makes sense why they are pushing for cryptocurrency.
